Boardroom Brief: Week commencing 13 May 2024

This is a service specifically targeted at the needs of busy non-executive directors (NEDs). We aim to give you a ‘heads up’ on the things that matter for NEDs in the week ahead - all in two minutes or less. In this edition, we discuss the Attorney-General’s announcements in relation to reforming Australia’s anti-money laundering and counter-terrorism financing regime and the $775,000 penalty imposed by the Markets Disciplinary Panel on J.P. Morgan Securities Australia Limited (J.P. Morgan) following an investigation by the Australian Securities and Investments Commission (ASIC) in relation to suspicious client orders. We also examine the Takeovers Panel’s (Panel) decision to decline to conduct proceedings in relation to the affairs of Pact Group Holdings Ltd (ASX: PGH) (Pact Group). We also consider a conviction against two directors for failure to comply with director identification number requirements, and a guilty plea from a director in relation to forgery. In Over the Horizon, we examine the debate between investor and regulatory players in relation to the potential overhaul of the ‘sophisticated investor’ test and what this could mean for the intergenerational wealth of Australians.